Adbusters Calls For Occupy Wall Street To Demand G20 Impose 'Robin Hood' Tax

NEW YORK (Michelle Nichols) - An anti-capitalist group which sparked the Occupy Wall Street movement has called for global protests Saturday to demand G20 leaders impose a ``Robin Hood'' tax on financial transactions and currency trades.

Canada-based Adbusters wants the Occupy Wall Street protest movement against economic inequality to take to the streets to call for a 1 percent tax on such deals ahead of a Nov. 3-4 summit of the Group of 20 leading economies in France.

``Let's send them a clear message: We want you to slow down some of that $1.3 trillion easy money that's sloshing around the global casino each day -- enough cash to fund every social program and environmental initiative in the world,'' the activist group said on its website, www.adbusters.org.

Adbusters put out the initial call for Occupy Wall Street and since protesters set up camp in a park in New York City's financial district on Sept. 17, they have inspired solidarity demonstrations and so-called occupations around the world.

Thousands turned out for a global day of protests on Oct. 15, which were mostly peaceful apart from in Rome, where there were riots.

Occupy Arrests, a Twitter feed compiling arrests related to Occupy Wall Street, said that since the movement began five weeks ago nearly 2,400 people have been arrested around the world, including in New York City.

Occupy Wall Street prides itself on not having any leaders and doing everything by consensus at daily general assemblies. Adbusters has asked protesters to approve its plan for a ``Robin Hood'' tax and global protests at their general assemblies.

The proposal by Adbusters comes as some people question whether the movement can sustain momentum and and ask what will happen next. Critics accuse the group of not having a clear message.

``As the movement matures, let's consider a response to our critics. Let's occupy the core of our global system. Let's dethrone the greed that defines this new century,'' Adbusters said on its website.

The protesters say they are upset that the billions of dollars in bank bailouts doled out during the recession allowed banks to resume earning huge profits while average Americans have had no relief from high unemployment and job insecurity.

They also believe the richest 1 percent of Americans do not pay their fair share in taxes.

Copyright 2011 Thomson Reuters. Click for Restrictions.

 

Comments

[Zeke Bourdain]

08:39 PM on 11/03/2011

Oh heavens, don't people realize that this tax will only hit Main Street? "Wall Street" won't pay a dime -- it'll just pass the cost on to ordinary folks -- people with 401ks who'll see their expenses go up and returns go down ... and market volatility will, in fact, increase -- probably dramatically -- because there will be fewer participants. And for those who are concerned about the plight of the middle-aged unemployed (and, therefore, unemployable) an f.t.t will put out of business thousands of small-time daytraders who've been laid off from their jobs and have found that the only way to support their families is to eek out a living (and eeking it is) daytrading the stockmarket. On balance, this tax is likely to reduce government revenues, as trading volume will drop (dramatically) while tax revenues from ancillary businesses fall. Really, it's hard to imagine a more counterproductive, and self-destructive taxing scheme.

[Robert Fanney]

07:16 PM on 10/29/2011

I think a small Robin Hood tax would help to stabilize the markets. It would eliminate or vastly reduce high frequency trades (HFTs) and force investors to make more deliberate choices rather than trying to actively game the system.

[Sean Reilly]

07:36 PM on 10/26/2011

There is an alternative to the Robin Hood tax that meets many of the same goals, in a slightly less idealistic way. It assumes that the financial sector has a valid role in society, and that role is to find the money needed to turn innovative ideas into industries. If the problem is that modern financial markets are more about speculation that investment, then let's target the proposed solution on that problem.

Let's collect a 0.1% fee on all equity trades: stocks, bonds, futures, etc. But instead of sending the money to the government, let's send it to the institution whose equity is being traded. Currently, companies only get capital out of the markets during their initial public offering. Such a fee would provide them capital every time their equity is traded. Capital helps companies grow, and that kind of growth creates real jobs (not just jobs stolen from some other part of the nation).

Like the Robin Hood tax, and the Tobin tax, this re-capitalization fee is specifically designed to slow down the rapid turnover of equities. This is a good thing if we want to see the markets focused on industrial capitalization. But, unlike a tax, this solution puts money into economic growth, instead of taking it out. It’s not an attack on capitalism, but rather a course correction to put capitalism back on track.

[KenMacMillan]

06:01 PM on 10/26/2011

Apparently they don't know that Robin Hood stole tax money from the government and returned it to the tax payers.

[killarneytim]

02:07 PM on 10/26/2011

Stop the greed. How stupid is that? It is like saying , stop lust, lying etc. You can not stop human emotions.

[capercaper]

01:27 PM on 10/26/2011

The Fed is very core of the nasty and perpetually painful financial wart on our collective economic foot.

We can cut away the surface but it will never go away unless we permanently eliminate the core from which it grows.

Why isn't OWS (and others) protesting specifically and with a singular focus on eliminating the FED but instead promoting a commitment to a global transaction tax?

[themainpoint]

09:32 AM on 10/26/2011

It's a good thing somebody in this country is protesting the freeloading financial execs who don't want to work for a living and instead loot trillions in a bailout from those who do work hard and commit fraud that melts down other people's jobs, pensions and opportunities.

[capercaper]

10:54 AM on 10/26/2011

Financial executives are far from freeloaders and indeed work hard.

Some are corrupt, and others are not.

As for the "looting" of bailout money -- you do realize they didn't ask for it, and most of it has already been paid back , don't you? Hardly looting.

[themainpoint]

12:28 PM on 10/26/2011

"Some are corrupt, and others are not."

Who is arguing that point?

They DID ask for the bailout money by rigging it so it was necessary and I'm not going to do your homework for you, but it was not mostly paid back.

[intolleft]

08:48 AM on 10/26/2011

"stop the greed....give us your money"

[themainpoint]

09:06 AM on 10/26/2011

More like, "give us back our money"!

More like, "stop the freeloading financial execs who have turned to epic fraud from melting down other people's jobs, pensions and opportunities."

More like, "stop the freeloaders who committed fraud from taking trillions more from hard workers who follow the law."

[intolleft]

10:08 AM on 10/26/2011

Sorry, originally I posted this in the incorrect location but, it sounds like you need to be complainin­g to those that gave them "your" money.”

[intolleft]

10:04 AM on 10/26/2011

Sounds like you need to be complaining to those that gave them "your" money.

[mm3264]

09:04 PM on 10/25/2011

Goldman Sachs claims that 40% of the price of a gallon of gasoline is due to trader speculation. Put an excise tax on stock trades and we will be able to lower federal taxes for everyone and the price of gasoline.

A flat excise tax of stock trades would be fair to everyone.

[WheresNixon]

09:19 PM on 10/25/2011

You can thank Bill Clinton for that mess.

[mm3264]

09:57 PM on 10/25/2011

I love it when TeaBaggers grasp anything to deflect.

WheresNixon says:
“Not really. They have rather passed far beyond. They are occupying a private park at tax payer expense.”

It's only costing taxpayers what Bloomberg is forcing taxpayers to pay, to make public streets downtown the secret domain of the 1%. The only crime was trusting the police on the bridge. All violent crimes were committed by three men NYPD Insp Anthony Bologna, who many suspect hurts women to get off sexually, NYPD Insp Johnny Cardona, another who attacks women and small men from behind to make up for his lack of intelligence and a very FAT cop on a scooter who ran over a neutral observer and then beat him with a baton.

[shadow013]

08:34 AM on 10/26/2011

Reference to the tea group in the above comment doesn't make sense.

Clinton helped facilitate the mess we are in. One could be a Democrat, yet object to all his trade agreements that moved jobs out of the US: landmark trade agreement with China, NAFTA, other trade agreements. Job loss contributed to consumer debt temptation during the following decade.

Eliminating Glass-Steagall Depression Era protections proved dangerous. Clinton was wrong to support instead of veto. Effects of removing the firewall between commercial banks and investment casinos continue to play out in Fed fed inflationary policy and speculation. BofA holding company moving European exposed derivatives under the FDIC protected commercial banking unit is just the latest unresolved problem. Rewarding bad behavior leads to more bad behavior. See Matt Taibbi's latest. And what does it have to do with tea? The tea group was the first movement to object to bailouts rewarding bad behavior. Taxed enough already, so don't create public debt to bonus banksters.
http://www.rollingstone.com/politics/blogs/taibblog/owss-beef-wall-street-isnt-winning-its-cheating-20111025

[mugwhump]

08:25 PM on 10/25/2011

I believe we we need to set up a charitable organization. It's purpose would be to collect enough money to buy some congressmen and/or senators. That is the only way that we the people may get some legislation passed that benefits us.

[themainpoint]

09:08 AM on 10/26/2011

Why go that route? Why not just get 2/3 of the states to agree to Constitutional Amendment that outlaws bribes in elections.

[mugwhump]

09:27 AM on 10/26/2011

The odds we collect enough funds to buy representation is very good, they are cheap these days. But honestly, two thirds of our officials voting against lining their pockets? The odds are against that ever happing.

[capercaper]

08:16 PM on 10/25/2011

It was inevitable that a movement which has struggled to agree on a manifesto, would in the end, do the bidding of the very elite globalist powers that they are demonstrating against to begin with.

Instead of achieving freedom from Central Bank debt enslavement, naive Occupiers appear to have taken the bait, pulling the mob towards endorsing a global taxation system, and one to be administered… by a brand new global government body.

As the Occupy Movement sets its sights on the upcoming G20 Summit in France on November 3-4, its globalist handlers behind the scenes have succeeded in carefully directing its crowds towards the Holy Grail of all socialist super-states - the celebrity supported, trendy “Robin Hood Tax”, also known as a Tobin Tax, a financial transaction tax levied on all transactions involving shares, bonds and derivatives. It’s likely that such a blanket tax will eventually end up on the end of things like cash withdrawls and the like.

http://occupywallst.org/forum/occupy-marching-straight-into-trap/

[shadow013]

08:44 AM on 10/26/2011

Interesting observation. The powerful will try to direct/subvert a populist movement to its own purposes. It happened to the tea party group, the majority who weren't astroturf but objected to bailing out and bonusing banksters at public expense. People like Matt Taibbi and William K. Black are trying to focus OWS on the right stuff. WIsh them luck.

Globalization and centralization are part of the problem, not the solution. There are better solutions. Punishing - not rewarding - fraud and "funny" accounting would be a good start. Instead bad behavior is rewarded with central banks in charge. Who do central banks serve?
At least the Enron guys and Savings and Loan debacle guys were prosecuted, went to jail.

[Michael McBroom]

08:13 PM on 10/25/2011

Typical left wing solution! Let's just tax more and more. Instead of cutting government spending, closing loopholes in the tax structure and increasing the tax base by creating more jobs so that more people pay into the system. Our energy alone in the United States, that the left wing tree huggers won't let us go and get, would take us out of any recession, create millions of jobs and balance our budget. I can't wait for next November when we can make Obama a one term president and get this economy moving again. He has been wrong on every issue to date.

[BOOWAH]

08:10 PM on 10/25/2011

The protestors would be better served by mounting a campaign agains all Republicans! They all stick together and they all favor more wealth shifting toward the rich! They oppose taxing Capital Gains and will not reign in the banks and corporations! In other words, everything you want you will not get under Republican domination!

[shadow013]

08:50 AM on 10/26/2011

Democrats and Republicans don't serve the majority of people anymore if they are really members of the "Money Party." Most of the deregulation and financially stupid behavior over the past generation that dumped us into this financial mess was bipartisan. They just use two party Dem. vs. Rep rhetoric to mesmerize us into thinking voters have a choice and voice. The Federal Reserve seems to run the country.

[capercaper]

08:02 PM on 10/25/2011

Do not be fooled . . .

"In the famous tale, the friend to all, defender of the defenseless, man of honor; Robin Hood reserves his lawless exploits for sacking the Sheriff of Nottingham. Why would the honorable man commit a crime or any act of injustice? The answer is in the question. A man of honor would not commit an act of injustice.

While much of the story is disputed, we know that his prime target is the Sheriff of Nottingham who is taxing everyone into near starvation. He is doing so under the limited authority of Prince John, the evil brother of King Richard the Lion Heart. King Richard, the legitimate ruler is away on the Crusades and Prince John contrives the story that he is raising taxes to pay the ransom to free King Richard. In truth, he is raising the taxes to overthrow his brother and take the throne.

So Robin Hood, loyal to God, Country and his fellow man, was acting in a legitimate manner, under authority, when he took action in protest against the unjust taxation by an illegitimate authority for an illegitimate purpose. Robin Hood was not a renegade or a socialist, he was a tax protester."

[For Realz]

03:26 AM on 10/26/2011

And, here I just thought he was a glorified Thief. Thanks :D

[Robert Fanney]

07:25 PM on 10/29/2011

So if Robin Hood takes money from the tyrannical 'government' and gives it back to the poor it's good. But if Robin Hood takes money from the tyrannical corporations and gives it back to the poor it's bad?

Double standard anyone?

[ashumate3]

07:58 PM on 10/25/2011

So, let’s get this straight – a bunch of people who wouldn’t hit a slick at a snake even if their life depended on it wants to do a Robin Hood Tax on the very people who gamble their money towards new ventures on a chance that they will make money on the new venture.

And what exactly are these people protesting on Wall Street Contributing to the overall community as a whole. The only thing I can see of them is they had good life so far and now it’s time to go out and bust their hump are complaining that nobody is giving them a free ride anymore. THEY DON’T WANT TO HAVE TO WORK – THEY WANT IT HANDED TO THEM LIKE THE WELFARE MOTHERS. That’s it; they are the children of the previously mentioned Welfare mothers!

[Phillygirl1952]

03:05 PM on 10/26/2011

Gee, maybe they didn't steal a dime from me (which I disagree on), but the did steal me and my husband's future when they put him on the street at age 59, moved his machinist job to Mexico and then the corporations that remained here only offered him half the money for twice the hours doing the work of two men!